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I have been turning over and over in my mind, one of the most vexing questions of our time,
It's not whether there should be a two-state solution - that's not even hard, There should be ONE state, and it should be Palestinian: that is, the land should belong to the people who inhabited it lo these three thousand years. There should be no consideration whatsoever given to claims based on a racial-supremacist Nazi ideology that draws its supposed justification from the fact that an Egyptian ex-slave claimed to have heard voices in the wilderness that promised him stuff. If mental delusion granted genuine rights, then Charles Manson committed no crime and should be released forthwith... and I don't think anybody wants that.
The most vexing question is not political nor economic - all of those questions are really really easy if you have the slightest appreciation of the rights of sentient beings to be left alone. (Yes - any sentient being: dogs, cats, horses, elephants, seals, killer whales, ducks, pigs, goats... and probably worms, even). {Note: no, I'm not vegetarian, but I do try to minimise my 'carnage footprint'}
The most vexing question is not "which way is the market going to go", because that's also really really easy (but it won't be easy after tomorrow - it will become significantly harder).
The vexing question - the most important question on the planet at this time: is it 'hundie', 'hunjie' or 'hunnert'?
Although I am no believer in democracy, I am genuinely thinking about having a poll. We find these hunjies (or hundies, or hunnerts) just lying around, apparently being voluntarily donated by the great mass of traders (who between them usually have one sole idea, and that idea comes from last weekend's newspapers).
I myself confess something of a preference for hunjie, because it would make the average Yank think that you were probably insulting him in Arabic (perhaps 'hunjie' actually means something in Arabic... I have no idea)..
As I say, these hunjies seem to lie about for the plucking - by the time I finish typing this sentence I will have made the first hunjie for the day (a sneaky short in the S&P minis from 872... if you count your hunjies in $A it's already in the bag).
In even more brighter news, I have recovered a load of data that I had thought lost forever, which had been stored on a site that was basically destroyed by DoS attacks... of which, more later.
Economic News
Nothing of note, if I recall. Everyone is just feeling exuberant because the Magic Mulatto held talks with Republicans who are set to revert to type (after insisting that dissent from Preznit Brokeback McSwagger was unpatriotic, they are going to dissent the black offa Obama). The Rude Pundit has an adults-only take on it... it's priceless (if he updates the site, look for a headline "Regarding Motherf" etc....
Headline Indices
The Dow Jones Industrial Average index (DJI) gained 200.72 points (2.46%) to 8375.45 points. The index high for the day was 8405.87, while the low was 8175.93.
Total volume traded in the 30 components of the index was 1.6bn shares. Advancers outpaced decliners by 9 to one, with 27 advancers to 3 decliners. Advancing volume exceeded declining volume by 1.41bn to 187.71m shares. The biggest gainers (percentage-wise) were - in keeping with the newfound exuberance - a group of companies which will all eventually go broke or be nationalised...
- Citigroup (C) +0.66 (18.6%) to $4.21 on volume of 374.22m shares;
- Bank Of America (BAC) +0.89 (13.7%) to $7.39 on volume of 355.51m shares;
- JPMorganChase (JPM) +2.6 (10.4%) to $27.66 on volume of 90.68m shares;
- American Express (AXP) +1.17 (7%) to $17.85 on volume of 20.82m shares; and
- Du Pont (DD) +1.44 (6.2%) to $24.71 on volume of 10.45m shares.
The S&P500 index (SPX) rose 28.38 points (3.36%) to 874.09 points. Total volume traded in the 500 components of the index was 5.14bn shares. Advancers outpaced decliners by 9.6 to one, with 433 advancers to 45 decliners. Advancing volume exceeded declining volume by 4.56bn to 482.74m shares. The biggest gainers (percentage-wise) were -
- MGIC Investment (MTG) +1.06 (46.9%) to $3.32 on volume of 5.61m shares;
- Fifth Third Bancorp (FITB) +0.95 (36.4%) to $3.56 on volume of 35.3m shares;
- State Street Corp. (STT) +6.15 (31.3%) to $25.77 on volume of 33.82m shares;
- Wells Fargo (WFC) +5 (30.9%) to $21.19 on volume of 201.88m shares; and
- MBIA Inc. (MBI) +0.97 (27.6%) to $4.49 on volume of 8.43m shares.
The Nasdaq Composite advanced +53.44 points (3.55%) to 1558.34 points. while the Nasdaq100 rose +41.50 points (3.47%) to 1235.91 points..
Total volume traded in the 100 components of the Nasdaq100 was 915.66m shares. Advancers outpaced decliners by 18.6 to one, with 93 advancers to 5 decliners. Advancing volume exceeded declining volume by 879.01m to 36.64m shares. The biggest gainers (percentage-wise) were -
- Sun Microsystems (JAVA) +0.87 (21.8%) to $4.86 on volume of 19.29m shares;
- Liberty Media (LINTA) +0.47 (15.1%) to $3.58 on volume of 7.14m shares;
- Steel Dynamics (STLD) +1.3 (11%) to $13.08 on volume of 13.05m shares;
- DISH Network (DISH) +1.29 (10.8%) to $13.22 on volume of 6.31m shares; and
- Baidu.com (BIDU) +11.86 (10.3%) to $127.16 on volume of 4.59m shares.
Volatility
The CBOE Volatility Index declined 2.59 points (6.13%) to 39.66 points. and the CBOE Nasdaq100 Volatility Index dropped 3.93 points (9.12%) to 39.17 points..
Breadth and Internals
A total of 3902 issues traded today on the NYSE; 3247 stocks posted gains for the day, and there were 563 losers. 8 stocks made new 1-year highs on the NYSE, while 57 shares plumbed new 52-week depths.
On the Nasdaq 2910 tickers traded today; total Nasdaq volume was 2.12bn shares. A total of 2165 stocks posted gains for the day, with aggregate volume of 1.88bn shares changing hands in the day's winners. The red zone of the Nasdaq exchange comprised 615 losers, and total declining volume was 0.24bn shares. 7 Nasdaq-listed stocks hit new 52-week highs, while 54 shares dipped to new 1-year lows.
| Major Market Statistics | |||
| Index | Close | Gain(Loss) | % |
| Dow Jones Industrial Average | 8375.45 | +200.72 | 2.46% |
| S&P500 Index | 874.09 | +28.38 | 3.36% |
| Nasdaq Composite | 1558.34 | +53.44 | 3.55% |
| Nasdaq100 | 1235.91 | +41.50 | 3.47% |
| CBOE Volatility Index | 39.66 | -2.59 | -6.13% |
| CBOE Nasdaq100 Volatility Index | 39.17 | -3.93 | -9.12% |
Dow Darlings
- Citigroup (C) +0.66 (18.6%) to $4.21 on volume of 374.4m units
- Bank Of America (BAC) +0.89 (13.7%) to $7.39 on volume of 355.6m units
- JPMorganChase (JPM) +2.6 (10.4%) to $27.66 on volume of 90.7m units
- American Express (AXP) +1.17 (7%) to $17.85 on volume of 20.8m units
- Du Pont (DD) +1.44 (6.2%) to $24.71 on volume of 10.5m units
Dow Duds:
- Pfizer (PFE) -0.38 (2.4%) to $15.44 on volume of 108.7m units
- Wal-Mart (WMT) -0.06 (0.1%) to $48.73 on volume of 23.3m units
- AT&T (T) -0.02 (0.1%) to $25.91 on volume of 55.9m units
Most Traded Dow stocks:
- Citigroup (C) +0.66 (18.6%) to $4.21 on volume of 374.4m units
- Bank Of America (BAC) +0.89 (13.7%) to $7.39 on volume of 355.6m units
- General Electric (GE) +0.44 (3.4%) to $13.5 on volume of 114.8m units
- Pfizer (PFE) --0.38 (2.4%) to $15.44 on volume of 108.7m units
- JPMorganChase (JPM) +2.6 (10.4%) to $27.66 on volume of 90.7m units
Precious Metals
The Gold Bugs index (XAU) fell -1.91 points (1.56%) to 120.52 points. Total volume traded in the 16 components of the index was 149.83m shares. Decliners outpaced gainers by 4.3 to one, with 13 decliners to 3 advancers. Declining volume was greater than advancing volume by 114.81m to 35.02m shares. The main decliners (in percentage terms) were -
- Coeur d'Alene (CDE) -0.08 (10%) to $0.72 on volume of 7.07m shares;
- Newmnt Mining (NEM) -3.1 (7.4%) to $38.61 on volume of 17.15m shares;
- Yamana Gold (AUY) -0.27 (3.4%) to $7.65 on volume of 17.31m shares;
- GoldCorp (GG) -0.84 (2.9%) to $27.97 on volume of 15.8m shares; and
- Royal Gold (RGLD) -1.27 (2.7%) to $45.48 on volume of 0.63m shares.
Energy Complex
The Oil Services index (OSX) gained 6.76 points (5.25%) to 135.64 points. Total volume traded in the 15 components of the index was 114.97m shares. Not a single stock declined withinin the index: 15 of the 15 index components rose, with total upside volume of 114.97mshares. The biggest gainers (percentage-wise) were -
- Baker Hughes (BHI) +2.74 (8.4%) to $35.51 on volume of 7.56m shares;
- National Oilwell Varco (NOV) +2.15 (8%) to $28.95 on volume of 10.85m shares;
- Weatherford International (WFT) +0.86 (7.7%) to $12.02 on volume of 18.26m shares;
- Tidewater (TDW) +2.55 (6.4%) to $42.64 on volume of 2.23m shares; and
- Oceaneering International (OII) +2.09 (6.3%) to $35.05 on
volume of 0.98m shares.
Bellwethers
The nine-stock group that makes up the Rant bellwethers advanced on average by 5.3%. The fallout occurred as follows:
- General Electric (GE) +0.44 (3.37%) to $13.50 on volume of 114.84m units.
- Citigroup (C) +0.66 (18.59%) to $4.21 on volume of 374.37m units.
- Wal-Mart (WMT) -0.06 (0.12%) to $48.73 on volume of 23.3m units.
- IBM (IBM) +3.16 (3.45%) to $94.82 on volume of 13.36m units.
- Intel (INTC) +0.20 (1.45%) to $14.01 on volume of 56.34m units.
- Cisco Systems (CSCO) +0.15 (0.9%) to $16.88 on volume of 55.93m units.
- Google (GOOG) +17.19 (5.19%) to $348.67 on volume of 7.68m units.
- Fannie Mae (FNM) +0.04 (6.45%) to $0.66 on volume of 11.91m units.
- Freddie Mac (FRE) +0.05 (8.2%) to $0.66 on volume of 7.08m units.
Other Indices of Interest...
The Banks index (BKX) gained 4.1 points (14.4%) to 32.58 points. Total volume traded in the 24 components of the index was 1.33bn shares. Advancers outpaced decliners by 20 to one, with 20 advancers to 1 decliner. Advancing volume exceeded declining volume by 1.32bn to 6.87m shares. The biggest gainers (percentage-wise) were -
- Fifth Third Bancorp (FITB) +0.95 (36.4%) to $3.56 on volume of 35.3m shares;
- State Street (STT) +6.15 (31.3%) to $25.77 on volume of 33.82m shares;
- Wells Fargo (WFC) +5 (30.9%) to $21.19 on volume of 201.88m shares;
- Zions Bancorp (ZION) +3.88 (27.6%) to $17.96 on volume of 9.98m shares; and
- Citigroup Inc (C) +0.66 (18.6%) to $4.21 on volume of 374.22m shares.
The Semiconductor index (SOX) advanced 5.31 points (2.44%) to 222.59 points. Total volume traded in the 18 components of the index was 242.65m shares. Advancers outpaced decliners by 8 to one, with 16 advancers to 2 decliners. Advancing volume exceeded declining volume by 221.29m to 21.36m shares. The biggest gainers (percentage-wise) were -
- Advanced Micro Devices (AMD) +0.21 (9.8%) to $2.35 on volume of 19.51m shares;
- Micron Technology (MU) +0.27 (7.7%) to $3.76 on volume of 18.95m shares;
- Infineon Tech (IFX) +0.06 (7%) to $0.92 on volume of 0.99m shares;
- Sandisk (SNDK) +0.73 (6.1%) to $12.69 on volume of 5.55m shares; and
- Marvell Technology (MRVL) +0.32 (4.4%) to $7.52 on volume of 14.52m shares.
The ChildKiller ("Defence") index (DFX) added 6.35 points (2.51%) to 259.62 points. Total volume traded in the 17 components of the index was 151.9m shares. Advancers outpaced decliners by 3 to one, with 12 advancers to 4 decliners. Advancing volume exceeded declining volume by 142.68m to 9.22m shares. The biggest gainers (percentage-wise) were -
- Gencorp (GY) +0.33 (11.3%) to $3.24 on volume of 0.23m shares;
- General Dynamics (GD) +4.29 (7.7%) to $60.01 on volume of 5.28m shares;
- Esterline Tech (ESL) +1.55 (4.2%) to $38.37 on volume of 0.24m shares;
- Rockwell Collins (COL) +1.6 (4.2%) to $39.79 on volume of 1.74m shares; and
- ITT Corporation (ITT) +1.74 (3.7%) to $48.67 on volume of 1.22m shares.
